Bank of America Takes the Lead in EMV Chip Implementation

Dec 23, 2014

This past October, Bank of America (BofA) took the lead on issuing Europay-MasterCard-Visa (EMV) chip enabled cards. This makes Bank of America, the first major banking institution to take this step. As cards expire, new cards with the EMV chip will be sent to bank customers. This is an attempt by Bank of America to get ahead of the mandatory deadline that requires all card distributors and merchants to supply and accept EMV chip cards by October 2015.

Europe and many other western countries have been utilizing EMV for years, but the United States has always lagged behind, but the high profile data breaches suffered by major U.S. retailers like Target and Home Depot, has prompted the U.S. credit and debit card industry to leave magnetic strip technology and adopt EMV technology.

Spokespeople for BofA state that it’s important to get a jump on customer conversion, because of the sheer size of the bank. The BofA customers spent $69.5 billion in the second quarter alone. Earlier this year, American card distributors could not agree on how EMV transactions would be processed. Now all the networks have come to a consensus and will be working to ensure that all newly distributed cards meet the requirements of the Dodd-Frank Act’s Durbin Amendment. Under this act, a debit card must have at least two networks for transaction routing.

BofA says it has been distributing EMV enabled debit and credit cards since 2012, to ensure that its customers are protected. BofA officials believe that once the deadline hits, fraudulent activity will naturally migrate to consumers who do not have the advanced protection of EMV enabled cards.

Is your business ready to process EMV chip cards? If not, your business will be liable if your customer’s credit or debit cards are compromised. Contact the EMV payment processing experts at to learn more about your merchant account setup and maintenance options before the October deadline.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.